Stonepeak acquires chassis business from Fortress

18 February 2020 - 12:00 am UTC

Stonepeak Infrastructure Partners entered into a binding agreement to acquire TRAC Intermodal from Fortress Investment Group, the firms said on 18 February.

Fortress hired Citi last year to sell the Princeton, New Jersey, based operator of marine chassis nationwide.

The purchase price was not disclosed.

Alongside Citi, TRAC also engaged Skadden Arps. Stonepeak was advised in the deal by Simpson Thacher.

The transaction is expected to close in the coming months.

Fortress originally acquired TRAC Intermodal in a USD 2.4bn take-private transaction in 2007.

Overall, the company operates 180,000 marine chassis worldwide and has a broad operating footprint of over 650 locations.

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